Bitcoin achieves a fundamental victory — Microstrategy speaks positively about prospects in the digital lending market

Microstrategy founder and chairman Michael Saylor emphasizes that the true success of Bitcoin lies not in short-term price movements but in institutional and foundational adoption. He points out that between 2025 and early 2026, the industry will enter a positive phase driven by regulatory framework development, integration of banking systems, and market infrastructure maturation. In an interview on the “What Bitcoin Did” podcast, Saylor positions this change as a turning point in the digital age and elaborates on why corporate Bitcoin holdings are rational as a balance sheet strategy rather than mere speculation.

2025 Institutional Adoption as a Historic Turning Point—In Other Words, Rapid Fundamental Improvement

According to Saylor, 2025 is not an “underwhelming” year for the industry but rather a year of historic fundamental progress. The number of companies holding Bitcoin on their balance sheets surged from 30–60 in 2024 to about 200. At the start of the year, companies could only obtain about 5 cents in loans collateralized by $1 billion worth of Bitcoin, but by the end of the year, most major US banks had begun offering loans backed by IBIT (Bitcoin Spot ETF), with about a quarter planning to offer direct Bitcoin collateralized loans.

In early 2026, JP Morgan Chase and Morgan Stanley are negotiating Bitcoin trading and settlement. These developments suggest the market is steadily evolving in a positive direction. Saylor describes this as “all the elements necessary for the commercialization, globalization, and institutionalization of assets” coming together.

From Insurance Revival to Bank Integration—Dramatic Changes in Regulation and Accounting Environment

The regulatory and tax environment, which was the biggest obstacle for Bitcoin-holding companies, dramatically improved in 2025. The revival of insurance coverage is symbolic. When Saylor bought Bitcoin in 2020, his insurance was canceled by the insurer, forcing him to insure the company with personal assets for four years. This situation reversed in 2025, with insurance coverage restored, marking a sign of institutional acceptance.

The introduction of Fair Value Accounting allowed companies to officially recognize gains from Bitcoin holdings. Previously, they faced issues with unrealized capital gains taxes, but the Treasury Department issued positive guidance on integrating crypto assets into bank balance sheets, and the chairs of the CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) expressed support for Bitcoin. Overall, regulatory authorities are showing a stance that promotes the institutionalization of Bitcoin.

From Short-term Predictions to Long-term Perspective—Bullish Trends Indicated by 4-Year Moving Averages

Saylor emphasizes the futility of focusing on short-term price fluctuations. “Trying to predict 100-day market trends is pointless,” he says, and the industry is “moving in the right direction.” While Bitcoin hit a new high in the first week of October 2025, the overall success should not be negated by price movements at the end of the year.

Looking back, every ideological movement required a decade of dedicated effort. If the goal is the commercialization of Bitcoin, evaluating success or failure over 90 or 180 days is not essential. Using a 4-year moving average, Bitcoin’s performance shows a “significantly bullish trend.” Past 90-day price declines can be seen as “an excellent opportunity for foresighted investors to buy more Bitcoin,” Saylor suggests.

Bitcoin as a Universal Capital of the Digital Age—A Paradigm Shift in Corporate Strategy

Saylor compares the strategy of Bitcoin-holding companies to “factories owning power infrastructure.” Just as electricity is a universal capital powering all machinery, Bitcoin is a universal capital of the digital age. Even companies incurring losses, holding $100 million worth of Bitcoin on their balance sheets and generating $30 million in capital gains, should be criticized not for “buying Bitcoin” but for “ongoing losses.”

There are about 400 million companies worldwide, and the question “Why can’t all 400 million companies buy Bitcoin?” is valid. Since there are no assets that can replace Bitcoin, corporate purchases are based on rational judgment. For profitable companies, it can increase revenue; for loss-making companies, it can improve their balance sheets. The strategy of holding Bitcoin directly links to value creation, which is the strength of this logic.

Digital Credit Market Concept—Microstrategy’s Next Challenge

Microstrategy’s vision is to build a “digital credit” market based on Bitcoin, rather than traditional banking. According to Saylor, “Bitcoin is digital capital, and Microstrategy is digital credit,” forming a core strategic dichotomy.

The reason the company is not entering banking is to maintain focus and avoid competition with customers. To realize the grand vision of transforming the global currency system, banking system, and credit markets, focus is essential. The reason for increasing dollar reserves and Bitcoin is to enhance corporate creditworthiness in the digital credit market. Credit investors prefer assets with high credit quality over highly volatile assets. If they can capture 10% of the US Treasury market, which is estimated to reach $10 trillion, it would be a significant achievement.

In 2026, with Bitcoin prices currently around $89.18K (all-time high $126.08K), Microstrategy’s digital credit strategy is moving toward implementation, supported by positive regulatory backing and market infrastructure maturation. Saylor’s assertion that “the industry is moving in the right direction” reflects a recognition of systemic and structural changes beyond short-term price fluctuations.